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Have You Contributed to NYSIBPAC This Year?
If not...now is the time! We need your help in this statewide election year to support candidates and committees who understand community banks' needs. Can we count on you?
CLICK HERE for our 2015 PAC contribution form. Help support IBANYS' political action efforts in New York State.
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For more information, visit:
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I
BANYS Members:
Your
2015-16 IBANYS Dues Renewal Notices
Have Now Been Mailed
INDUSTRY INSIGHTS
New York Community Bankers:
Register For IBANYS' Downstate Compliance Conference
Tuesday, December 15, 2015
Empire National Bank
Islandia, NY (On Long Island)
This conference is especially designed for
CEOs,
Compliance Officers,
BSA Officers,
Senior Lending Officers,
Inside/Outside Bank Counsel, and bank
employees with lending and/or
risk management responsibilities.
Building a Compliance Culture
Recent advisory guidance suggests financial institutions need to demonstrate they have a strong "compliance culture" to effectively manage risk. In this session, we will demystify the elements of what the regulators are looking for, and provide practical advice on how you can successfully build a compliance culture at your community bank. We will share specific examples of how "high performers" think about compliance, and use it to achieve business goals.
Speaker: Pam Purdue, EVP/Regulatory Insight, Continuity Control
"Board and Executive Oversight: Examiner Expectations"
There's no denying the bar has been raised for bank directors and senior management when it comes to regulatory compliance oversight. This session will help ensure that your institution is not at risk! Our presentation will clearly outline the director and management oversight responsibilities, and discuss critical "take-aways" from recent enforcement actions. With the stakes higher than ever, your institution needs to make certain that appropriate controls are in place for Board and Senior Management to demonstrate their engagement and involvement.
Speaker: Pam Purdue, EVP, Regulatory Insight-Continuity Control
"Update on Compliance and 'Hot Button' Examination Issues"
Speaker: Robert P. Cordeiro,
Assistant Regional Director, FDIC. Mr. Cordeiro oversees compliance and CRA exams in the New York Region.
Note: We also expect to have participation from the Office of the Comptroller of the Currency (OCC).
Watch for a detailed agenda and registration information soon!
A new article in IB Magazine on "Cure the Blue" spotlights the effort,co-sponsored and endorsed by IBANYS, to raise funds and awareness regarding prostate cancer research in New York State. Lake Shore Savings Bank President & CEO Dan Reininga recently joined former Buffalo Bills Head Hall-of-Fame Coach Marv Levy and former Bills and Buffalo Bills Alumni Foundation
 members Booker Edgerson and Ed Rutkowski at a recent event on behalf of Cure the Blue. The Bills Alumni Foundation and IBANYS are spearheading this long overdue effort, and IBANYS' member bank Lake Shore Savings Bank is strongly supporting the campaign. The bank has "Cure the Blue" ribbon pins available for purchase for a donation at all eleven of the bank's branches, and plans a branch wide fundraising event during September.
Lake Shore President & CEO Dan
Reininga has noted:
"
The exciting thing about this is that it's going to be a national campaign at some point. It's very exciting and we're very proud. It's what Lake Shore is all about - putting people first.
Can we count on YOUR bank or firm to join this truly important effort?
Control Your Bank's
Health Care Costs
-- AND Boost Employee Benefits?
The "My Wellness Resource Card" may be your bank's solution. You can upgrade your employee benefits with a low-cost, non-traditional program to save time and money, while helping to retain employees.
 The program allows the bank to rovide on demand health care from U.S. board-certified doctors who will provide diagnosis, treatment options and necessary prescriptions via unlimited telephone medical consultations through
Telehealth. It will also provide discounts and significant savings on a variety of medical and dental products.
Sponsored by My Wellness Resource, Inc. and by IBANYS, this program was
specifically designed to improve productivity, decrease absenteeism and boost morale without straining your bottom line.
Click here and
here to learn more about this exciting new alternative, or visit
www.ibanys.net for details and to enroll.
THE ECONOMY
Mortgage Update
A jump in mortgage interest rates did not greatly affect mortgage application volume. TheMortgage Bankers Association (MBA) reported that t
otal application volume fell 1.3% on a seasonally adjusted basis last week. Refinance applications, highly rate-sensitive, fell 2% from the previous week, seasonally adjusted, but are 4% higher than a year ago. Mortgage applications to purchase a home increased 0.1% from the previous week and are 18% higher than a year ago.
Small Business Outlook
TheNational Federation of Independent Business (NFIB) reported that U.S. small business confidence was unchanged in October. Hiring remained stagnant, although more owners expected higher sales and more planned to make capital outlays.
The NFIB's Small Business Optimism Index was steady at 96.1 last month.
GOVERNMENT RELATIONS UPDATES
IN ALBANY:
DFS Seeks Regulatory Input, Coordination On Cyber Security Regs
The New York State Department of Financial Services (DFS) revealed more details this week about its proposed cybersecurity regulations, which
 some experts are concerned could result in a significant cost to banks. In a letter to other state and federal regulators, including the Federal Reserve, SEC, OCC, DFS noted potential regulations could require banks to promptly notify the agency of any data breach, and to use "multi factor authentication" (a second layer of security to the traditional username and password system). Banks would also have to appoint officers responsible for providing annual reports to DFS on their overall cyber security operation. Third parties accessing data would need to operate under similarly high standards.
Cuomo To Raise Minimum Wage
For State Workers
Governor Cuomo has announced he would unilaterally establish a $15 minimum wage for all state workers. New York would be the first state to  set such a high wage for public employees. The change would gradually increase the hourly rate. State workers in New York City would earn $15 an hour by the end of 2018; state workers outside of the city would see wages rise more slowly, climbing to $15 by the end of 2021. In all, approximately 10,000 workers (about 6.5% of the state's permanent and seasonal work force) would see an increase in pay, with the vast majority living upstate or outside the city. State Senate GOP Majority Leader John Flanagan (R-LI) said more conversation is needed about the minimum wage and its impact.
NYS Comptroller DiNapoli Launches Small Business Credit Fund
State Comptroller Thomas DiNapoli the State Pension Fund's $200 million credit fund to "help small businesses get the money they need to stay and thrive in New York." DiNapoli said: "Investing in New York companies is a win-win....we are making smart investments that boost our state's economy and create jobs."
IN WASHINGTON:
ICBA Alternative To FASB Loan-Loss Reforms
ICBA's President & CEO Cam Fine has written an op-ed offering a "better alternative" to FASB's proposed reforms to loan-loss reserve calculations, which he says would penalize community banks and restrict the flow of credit. He noted the FASB Current Expected Credit Loss model would require banks to recognize losses earlier in the credit-loss cycle and deploy complex modeling systems. ICBA's plan would base loan-loss provisions on community bank historical losses. To read details, visit www.icba.org and read the plan and op-ed.
New York Community Banks
Find Real Value In IBANYS Webinars
In today's banking and business environment, community banks face a number of significant challenges. Bank officers, board members and employees understand that their responsibilities (and potential liabilities) continue to evolve. Is YOUR bank doing everything possible to provide them with the information and tools necessary? Are You Ensuring that they are fully informed, and equipped to manage the bank and guide it into the future?
IBANYS' webinars are designed to meet the needs of community banks, and are both effective -- and, cost-effective. Your bank's officers, directors and employees can participate directly from their offices. They
provide bottom line value. That's
why participation in IBANYS webinars has expanded dramatically over the past eighteen months! Take a moment to review our upcoming programs
below.
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IBANYS Spotlights. . .
BDO USA, LLP
BDO's Financial Institutions practice understands the unique needs and complex issues banks face - from complying with Dodd-Frank provisions or growing through mergers and acquisitions, to addressing paradigm changes in corporate governance and raising capital. Working with banks ranging size from start-ups to multibillion dollar institutes, they provide a comprehensive suite of integrated, value-added services. They take a proactive approach to addressing concerns before they become major issues, and provide tailored services that best fit your needs. For non-audit clients, they provide a broad range of advisory services including assistance with internal audit, risk advisory, internal control design and testing and other accounting services. For more information, visit
www.bdo.com, or contact Partner Joseph LaClair, at
(717) 233-8800,
e-mail:
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DID YOU KNOW. . .
. . .that t
he Federal Reserve and the Conference of State Bank Supervisors "National Survey of Community Banks" found that compliance costs for community banks represented 22% of their net income?
Respondents reported that regulatory compliance accounted for 11% of personnel expenses, 16% of data processing expenses, 20% of legal expenses, 38% of accounting and auditing expenses and 48% of consulting expenses. These percentages "imply a hypothetical compliance cost to community banks, in these areas alone, of $4.5 billion annually." All good reasons to attend IBANYS' Compliance Conference December 15 in Islandia (Long Island).
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| New York community banks play a key role in our state and local economies. Help spread the good news among your customers, business and elected leaders and media! |
| Click here for quotes from Governor Cuomo and DFS Superintendent Lawsky extolling the performance and value of New York community banks. |
| Click here for the full NYS Study on community banking. |
| Click here to read IBANYS President & CEO John Witkowski's comments on the new tax changes and benefits for New York community banks as approved in the 2014-15 State Budget. Click here for IBANYS' letter to the Editor of Consumer Reports Magazine correcting failure to mention community banks as an alternative to using "big banks." _________________________________ |
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John J. Witkowski
President and Chief Executive Officer
Stephen W. Rice
Director of Government Relations and Communications
Linda Gregware
Director of Administration and Membership Services
William Y. Crowell, III
Legislative Counsel
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